Wamu finance charges

[Anonymous]

I have a chase card. Due date was the 11th, PIF on the 11th, had a reversal on a charge after the 11th so I was actually negative - get my statement, 10.00 interest, I owe $4 (I was negative 6 dollars). I guess I can understand a 2 billing cycle but I think its just another way for them to make money. My avg balance was $583 (though my PIF was 1100.00) so the finance charge was 10. I am glad I look at this stuff because I thought when I PIF, I was done. I didn't think there would be a 4.00 charge out there. It makes me angry but what can you do?

[voidman]

Another thing to look at is the grace period. AFAIK, if the statement cut date is 3rd of the month and the due date is 30th of the month and Grace period is 20 days, so if you make the payment after 23rd of the month, you will owe finance charges even if you PIF every month.

[braznyc]

This happened to a good friend of mines she has a WAMU secured account at my suggestions so she called me when she saw a $39 over limit fee. What happened is she was carrying her balance too close the limit, and the finance charge hit it put her over the limit, thus their fee. I think the fee is crazy but it's spelled out in their agreement either way she paid the balance off and refuses to use to it at all.

It's amazing all the things we have to remember on top of every day stuff when it comes to credit lol.

[voidman]

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@braznyc wrote:
This happened to a good friend of mines she has a WAMU secured account at my suggestions so she called me when she saw a $39 over limit fee. What happened is she was carrying her balance too close the limit, and the finance charge hit it put her over the limit, thus their fee. I think the fee is crazy but it's spelled out in their agreement either way she paid the balance off and refuses to use to it at all.

It's amazing all the things we have to remember on top of every day stuff when it comes to credit lol.

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That's not crazy and not banks fault.

[braznyc]

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@voidman wrote:

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@braznyc wrote:
This happened to a good friend of mines she has a WAMU secured account at my suggestions so she called me when she saw a $39 over limit fee. What happened is she was carrying her balance too close the limit, and the finance charge hit it put her over the limit, thus their fee. I think the fee is crazy but it's spelled out in their agreement either way she paid the balance off and refuses to use to it at all.

It's amazing all the things we have to remember on top of every day stuff when it comes to credit lol.

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That's not crazy and not banks fault.

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When did I say it was the banks fault? I did say it's spelled-out in their agreement with her. And yes I think the fee itself is crazy, I being the operative word here, you don't have to agree but I'm entitled to my opinion.

My friend didn't understand how two cycle billing works or that even carrying a balance too close to the limit is a big no-no. My contribution to this thread wasn't for someone to say "poor her" it was just adding MY opinion. Not everyone is well versed in credit matters, THUS these boards and me helping my friend get informed.

Message Edited by braznyc on 08-24-2008 02:35 PM

[voidman]

I didn't say that it was your friends fault either .

I am sorry you are upset from my post, from the OP who is upset on the finance charges, he can be rite or wrong but can be rite coz Wamu is known to charge "explained" or "hard to explain" finance charges.

I was just try to clarify that over the limit fee charged because finance charge took it over the limit is not banks fault.

But even if I have to point a problem, running close to the limit on a secured card does not make any sense at all, FICO wise or rebuilding wise.

[Anonymous]

Two cycle is the reason I got  My Discover , Wamu , an recenty Wamu Biz

ALWAYS PIF , and so I get the ability to PIF a month behind giving me a 57 day  (60-3 day lag between due date and statement closing)  fee loan one all my balances,(not indivual charges, but statement balance).